Author: Thomas J. Ryan

Genesco Inc.’s business was devastated by COVID-19-related store closures, but online sales have accelerated to more than 300 percent growth in May and sales at its flagship Journeys chain that have reopened are comping “nicely positive.”

The May Edition of the COVID-19 Impact Survey from the World Federation of the Sporting Goods Industry (WFSGI) found that 37 percent of global sports industry leaders saw their business dropping by 50 percent in June. While dismal, the findings mark an improving trend versus the nearly 50 percent that had expected May sales to drop 50 percent.

A host of analysts lifted their price targets on Dick’s Sporting Goods after the retailer’s first-quarter report showed online sales accelerating during the pandemic and many stores comping positively as they’ve reopened. Insights from Goldman Sachs, Stifel, Susquehanna, Morgan Stanley and Cowen.

Canada Goose Holdings Inc told analysts during its fourth-quarter conference call that the brand plans to limit shipments to wholesale accounts and focus on its own stores and online to bolster profit margins as it looks to cushion the blow from the COVID-19 pandemic.

The June survey of run specialty independents from the Running Industry Association (RIA) found the wide majority of locations have opened, sales for about one-third are starting to match or exceed year-ago levels, and owners overall are much more confident about their business versus a similar March survey conducted by the RIA.

Findings from a special COVID-19 edition of the North American Camping Report compiled by Kampgrounds of America (KOA) in late April indicate that travel limitations and overall caution due to COVID-19 are drawing more campers and first-time campers to the outdoors.

Nordstrom’s sales tumbled 40 percent during its first quarter, but officials said aggressive steps to reduce inventory and preserve cash will help the retailer in the near term while an accelerated expansion of its online and off-price business will better position the company for the long term. CEO Erik Nordstrom, told analysts Nordstrom Rack is “just a huge part of our future.”

A number of Wall Street firms have raised their price targets on Peloton Interactive Inc. in recent weeks amid signs that fitness enthusiasts are discovering, and embracing, its interactive exercise equipment and programs as a replacement for shuttered gyms.

Big 5 Sporting Goods sales were crushed by the pandemic in March and April but May’s comps have turned positive as stores have gradually reopened. On its first-quarter conference call, Big 5 officials also said quick moves to manage inventories and expenses have put the retailer in solid shape to absorb any fallout from the pandemic.

Hibbett Sports, like many retailers, saw sales fall off the table after the coronavirus spread across the U.S. in mid-March, but online sales thereafter accelerated and in-store sales accelerated toward the end of April and have continued into May as many of its stores reopened. Hibbett officials, however, said the sales outlook remains uncertain.

Over 70 percent of sports and fitness manufacturers and businesses reported a sales drop of over 25 percent for the month of April as most of the country’s stores were closed to prevent the spread of the coronavirus, according to a survey of industry participants by the SFIA. But the survey indicated aggressive steps are being taken to minimize the damage with some improvement expected in the back half.

In a webinar, “The Future of Youth Sports Economic Impact & Business Strategy Ahead,” professors at the American University in Washington, D.C. detailed the many obstacles the return of youth sports faces, includes rebuilding critical infrastructure amid the depletion of funding and parental buy-in.

Kohl’s Corp. reported a dismal first quarter as sales were “materially impacted” by COVID-19. However, the department store operator introduced several initiatives, including a continued active push, to accelerate market share gains in the future.

Continuing its ambition to bring more diversity to the outdoor industry, Moosejaw, in collaboration with Walmart, last week introduced two gear and apparel lines, Lithic and Allforth. In an interview with SGB Executive, Eoin Comerford, GM of Outdoor at Walmart e-commerce and CEO of Moosejaw, said the launches mark a shift in strategy from 2018’s launch of Walmart’s Premium Outdoor Store but the goal of expanding the overall outdoor pie remains the same.